There has been a tectonic shift in the past decade not just in the overall buying pattern but also in the age of property buyers, according to a new report on Wednesday which found that younger Indians with much lower savings kept away from bank loans seeing them as risky, and were also very cautious about them.

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Analysing the age bracket of home seekers in the first half of 2019, the report, conducted by a property consultant Anarock, said that at least 37 per cent of participants serious about buying homes fall in the age bracket of 35-45 years, followed by 25 per cent in the 45-55-year bracket.

The report also revealed that 20 per cent participants are in the age bracket 25-35 years and at least seven per cent are under 25 years of age.

The homebuyer share of these two age brackets was extremely limited in the early 2000s.

Towards 2009-2010, easy home loan availability boosted the share of homebuyers falling in the 25-35 years age bracket, the study said.

In late 2010, buyers were largely in the age group of 35-45 years and 45-55 years, but the share of homebuyers in the 25-35 years age group was minimal.

However, improved tax benefits motivated more working youth in this age bracket to opt for home loans.

Millennials predominantly favoured paying EMIs to own a home over the `dead` expense of rentals.

The ranks of the vital age demographic swelled steadily till about 2015-16.

However, since then, many millennials are rethinking the notion of buying homes at this relatively early age.

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In Mumbai, 37 per cent home seekers are in the age group of 35-45 years, followed by 28 per cent in the 45-55 years. Also, nearly 16 per cent are in the 25-35 age bracket, while another 12 per cent - predominantly start-up entrepreneurs - fall in the below-25 age group.

In Delhi-NCR the trend is reverse. At least 37 per cent home seekers are in the age group of 45-55 years, followed by 26 per cent in 35-45 years age bracket.

Bengaluru has at least 52 per cent property seekers in the age-bracket of 35-45 years. 18 per cent of Bengaluru`s home seekers are in the age bracket of 45-55 years and almost 21 per cent are below 35 years of age.